The Rise of Ethereum and Hobby Mining

Colin L. Read ()
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Colin L. Read: SUNY Plattsburgh

Chapter Chapter 14 in The Bitcoin Dilemma, 2022, pp 137-145 from Springer

Abstract: Abstract The subject of this book is The Bitcoin Dilemma, a result derived in Chapter 8 that demonstrates mining energy consumption is proportional to and bound by the price of bitcoin and can even accelerate with miner efficiency and electricity cost improvements. Should bitcoin remain popular and demand continue to increase, so will long run electricity consumption. Indeed, as miners secure for themselves less expensive power contracts, the additional price burden is borne by other ratepayers. This problem is shared with other Proof of Work coins beyond bitcoin.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-09138-4_14

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DOI: 10.1007/978-3-031-09138-4_14

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